Tottenham Hotspur finished 2020 with a higher brand value than Arsenal for the first time but the north London rivals still lag behind Chelsea, according to a financial survey published last week.
While Manchester United rank top in terms of Premier League clubs, a significant fall has seen champions Liverpool close the gap with Manchester City narrowly ahead of Chelsea.
Arsenal's decline in value is sharper than any of the other traditional Big Six, falling from $993million to $796million in the past 12 months according to safebettingsites.com.
In 2018 the club was valued at just over $1billion, placing further scrutiny on their failure to progress under Stan Kroenke's ownership. The American has overseen a period of austerity at the club, much to the frustration of supporters.
Their failure to qualify for the Champions League since 2017 has been a contributing factor in the plummeting value but all clubs have been impacted by the coronavirus pandemic.
Spurs' valuation rose $18million to $868million, thanks to the opening of their new stadium and a lucrative deal with Amazon for the All or Nothing documentary series that has brought additional global attention.
Chelsea experienced a small decline in value from $1.085billion to $1.051billion. On New Year's Eve, Roman Abramovich's side published the initial details of their accounts for the financial year up to June 30, with a fall in all revenue streams.
They still turned a small profit thanks to the sales of Eden Hazard and Alvaro Morata but had projected record turnover before the pandemic's impact was felt with games taken behind closed doors.
The figures released by Chelsea did not include last summer's £250million transfer spend.
According to the brand evaluation, United saw a decline from $1.651billion to $1.456billion, while Liverpool have risen from $1.336billion to $1.398billion.
